Well, this will surely take care of the PLANNER’s retirement as he/she will earn a huge commission on the sale of the annuity! But it will lock you into a very small check that will lose buying power over the next 30 years you will likely live. So, for starters, you have the WRONG Planner!
You are 62. That is way too young to retire. That’s the essence of your problem. Of course, you can’t make decisions about your 40l(k) until you leave your job. And if you have a choice, I’d suggest you plan to work for at least another 4 years when you will reach your Full Retirement Age for Social Security. Do not take your benefits early. And if you are working, you can keep contributing to your Social Security.
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